Save Article

Argentina, Brazil Agree
On Automobile Tariffs

SAO PAULO, Brazil -- In a potential lift to South America's stumbling, $15 billion car industry, Brazil and Argentina struck a long-awaited deal on common automobile tariffs after months of bitter negotiations.

The deal represents a big step forward in the region's economic integration, according to officials meeting in Rio de Janeiro, because of the precedent it sets for future cooperation within Mercosur -- the world's third-largest trading bloc after the European Union and North American Free Trade Area. Mercosur groups...